Chilean exchange Orionx shuts down after $7M+ shortfall found
Regulation & Gov ·
A forensic audit uncovered more than $7 million in customer holdings moved to wallets the exchange does not control, prompting a permanent wind-down.
Orionx, a Chilean crypto trading platform that received investment from Tether, has halted operations and suspended withdrawals following the audit's findings, according to wublockchain.xyz. The exchange has since lodged criminal complaints against its two co-founders, Roberto Zibert and Joaquín Díaz, tying them to disputed transfers of bitcoin, ether, XRP and POL that allegedly took place across 2018 through 2021. Both men have denied any wrongdoing in connection with the accusations.
The shutdown follows a separate setback with regulators: Chile's financial oversight body denied Orionx's bid for formal registration in June 2026. That rejection predates the shutdown announcement, though it is not yet clear whether the two events are directly linked or whether the audit that uncovered the missing funds was tied to that regulatory review process.
Tether's relationship with the exchange adds another layer to the story. The stablecoin issuer put money into Orionx in June 2025, taking the lead position in the company's Series A funding round. Notably, the original announcement detailing that investment can no longer be found on Tether's own website, raising questions about how the company is handling its public association with the collapsed exchange. Tether has not issued a statement addressing the shortfall or the criminal complaints as of this reporting.
Multiple outlets have independently picked up the story, pointing to a shared set of facts: the more than $7 million figure, the freeze on withdrawals, and the criminal complaints against the two founders. What remains unclear is the ultimate fate of customer funds, whether any of the transferred assets can be recovered or traced, and how Chilean authorities will proceed given the earlier registration denial. Also unresolved is what role, if any, Tether's Series A investment played in enabling the platform's operations before the shortfall was discovered, and whether the stablecoin issuer will comment on its removed announcement or its exposure to the collapse.